The Euro Zone Doomsday Machine Has Been Activated

Bear witness ladies and gentleman, because before your very eyes you will have a chance to see what unfolds as a European continent-wide system collapses. These implosions don't happen very often (Concert of Europe, Versailles, etc), so make sure to perk up your ears and focus your eyes for the coming onslaught. Unfortunately these sorts of collapses tend to end with rather big wars, but let's hope this one just ends in a massive world-wide recession. 
And what is this doomsday machine? The collapse of the Euro zone, which might happen as soon as December 9th: 

Unless European leaders agree on a political remedy for their sovereign debt crisis at a December 9 summit, and the European Central Bank then intervenes massively to support government bonds and European banks, the euro may start to unravel.
Foreign investors are already shunning euro area sovereign bonds, European banks are desperately trying to sell assets including bonds, depositors are withdrawing growing amounts from southern European banks, and interbank lending is freezing up, forcing ever more lenders to turn to the ECB for funds.

If plans for some sort of a centralized Euro bond system fails to be adopted, which considering the opposition it faces in Germany is highly likely, Europe will turn to those countries that are still solvent. 'Those countries' is however just another way of saying 'Germany', and there is not that much political support there for a bailout of the rest of Europe. They are already being screwed by the likes of Greece and Italy, and don't want to be played for fools any further. And if Germany doesn't pitch in? The most troubled nations, Greece and Italy, will be forced to default, a move that will drive all of Europe into recession. That's the beginning of the end of the Euro system, and it doesn't improve from there.